The Energy Report: Let’s start with your macro forecast. What lies ahead for oil and natural gas?
Tim Murray: The nice run in oil the last few months has not been generally reflected in the Canadian junior or small-cap space, and only a little bit among the oilier mid caps. Currently, the key theme is volatility in Canadian differentials to West Texas Intermediate (WTI). Recently, Western Canadian Select (WCS), a heavy oil benchmark, has traded at a $40 discount to WTI, nearly double the traditional differential. In addition, the differential between Edmonton Par, a light oil … [visit site to read more]